NY A03700

Establishes a new real property tax exemption for veterans with service-connected permanent total disabilities rated at 100 percent by the U.S. Department of Veterans Affairs or military service branch.

Defines "veteran" as a person who served in active military during periods of war (Spanish-American War through Persian Gulf Conflict) or received an Armed Forces Expeditionary Medal, and was discharged under honorable conditions.

Exempts qualified residential real property (primary residence of disabled veteran or unremarried surviving spouse) from county, city, town, and village taxation, but not school district taxes.

Allows each county, city, town, or village to adopt a local law to provide the exemption; property owners file a one-time application form with the State Board and are not required to refile annually.

Takes effect January 1 following enactment and applies to assessment rolls with taxable status dates on or after that date.